CALGARY, Feb. 25, 2013 /PRNewswire/ - Nexen Inc. ("Nexen"
or the "Company", TSX, NYSE: NXY) announced today that CNOOC
Limited has completed its acquisition of the Company. Pursuant to
the plan of arrangement (the "Arrangement") holders of Nexen common
shares will receive cash proceeds of US $27.50, without interest, and holders of Nexen
preferred shares will receive cash proceeds of CAD $26.00, plus accrued and unpaid dividends up to,
but excluding, the closing date of the Arrangement, without
interest.
Kevin Reinhart will continue as
CEO of Nexen and will maintain responsibility for all of Nexen's
operations. The Company's Calgary
headquarters will continue to be responsible for managing all of
Nexen's existing assets as well as CNOOC Limited's North and
Central American assets.
Nexen's common and preferred shares are expected to be delisted
from the Toronto Stock Exchange (the "TSX") in a few trading days.
Nexen's common shares are expected to cease being traded on the
NYSE prior to the market opening on February
26, 2013, and will subsequently be delisted.
Nexen Establishes New Board of
Directors
Following the completion of the transaction, Nexen established a
new Board of Directors comprised of representatives of CNOOC
Limited and Nexen, as well as independent directors. Mr.
Li Fanrong has been appointed Chair
of the Board of Nexen. Mr. Li
Fanrong is the CEO of CNOOC Limited, and has more than 28
years of experience in the oil and gas industry including in the
North Sea. The other directors serving on the Nexen Board are Mr.
Fang Zhi, Vice President CNOOC Limited, Mr. Kevin Reinhart, Mr. Barry Jackson, Mr. Thomas O'Neill and Mr. William Berry.
About Nexen
Nexen Inc. is a wholly-owned subsidiary of CNOOC Limited. Nexen
is focused on three growth strategies: oil sands and shale gas in
western Canada and conventional
exploration and development primarily in the North Sea, offshore
West Africa and deepwater
Gulf of Mexico.
Forward-Looking Statements
Certain statements in this Release constitute
"forward-looking statements" (within the meaning of the United
States Private Securities Litigation Reform Act of 1995, as
amended) or "forward-looking information" (within the meaning of
applicable Canadian securities legislation). Such statements or
information (together "forward-looking statements") are generally
identifiable by the forward-looking terminology used such as
"will", "intends", "expect", "should" or other similar words. More
particularly and without limitation, this Release contains
forward-looking statements and information concerning the delisting
of the common shares and the preferred shares from the TSX and the
NYSE, as applicable.
In respect of the forward-looking statements and information
concerning the delisting of the common shares and the preferred
shares from the TSX and NYSE, as applicable, Nexen has provided
such in reliance on certain assumptions that it believes are
reasonable at this time, including assumptions as to the time
necessary, and the ability of Nexen to complete the delisting of
the common shares and the preferred shares from the TSX and the
NYSE, as applicable. The date of delisting may be delayed or
changed for a number of reasons. Accordingly, readers should not
place undue reliance on the forward-looking statements and
information contained in this Release concerning these
times.
Nexen undertakes no obligation to update publicly or revise
any forward-looking statements or information, whether as a result
of new information, future events or otherwise, unless so required
by applicable securities laws.
SOURCE Nexen Inc.